Redhill named as 10th priciest place to rent in the UK (From Redhill And Reigate Life)

Redhill named as 10th priciest place to rent in the UK

5:48pm Monday 3rd September 2012 in Local News

Redhill has been named as the tenth most expensive area in the UK for renters.

Figures released by specialist letting agents’ insurer Endsleigh have shown the town as the tenth priciest place for people renting property in the UK at £842 a month.

The figure is £136 more than the average monthly rental price.

The report showed that the average monthly rent across the UK in 2011 rose for the third year running to £706 .

The total compared with £688 in 2010 and £663 in 2009.

However, central London, the most expensive place to rent, saw prices fall by 3% in 2011 compared with the previous year to £1,330 per month.

Grant Stevens, general manager of letting services at Endsleigh, said: “Rents in London have been rising for a long time so it is no great surprise that there is finally a cooling in prices.

“However, nationally, year-on-year, the picture is one of a very buoyant rental market and, with the over-all rise in keeping with inflation, it won’t unduly affect the pockets of either Redhill’s landlords, who are enjoying good yields, or renters, who are able to access a whole range of properties.”

Mr Stevens said: “We understand from our letting agent partners that the bigger threat to landlords’ income increasingly comes from repairing damage to property that frequently costs more than the tenant’s deposit.

“This is often because landlords are relying on standard home insurance that typically won’t cover rented properties.”

Redhill is one of seven of the top ten costliest towns and cities for renters which are in the South-east – a list which also includes Oxford and Bournemouth.

The ten cheapest towns and cities for renters are all located in the north of England and Scotland, with the exception of Swansea.

Tenants across the Midlands also paid less than the national average, with an average monthly rent of £555.

A spokesman for Endsleigh said: “The figures indicate that despite the challenging economic times, the lettings market has remained buoyant with the majority of rental prices in the UK staying in line with inflation.

“Equally apparent is the geographical variation, with tenants in parts of Wales, Scotland and North-east England paying two thirds less than their London counterparts.”

Endsleigh's figures were based on credit checks carried out between January 2011 and December 2011 by Experian.

The ten towns and cities with the highest average rental prices shown in the report were, in descending order, London, including Greater London, Watford, Guildford, Slough, Bath, Brighton, Oxford, Bournemouth, Reading and Redhill.